In June 2022, Shenzhen iStoneway Co. Ltd released this report quantifying the effects of full vehicle electrification bring to environmental improvement, industrial expansion, and economic growth in Shenzhen, where some of China’s top electric vehicle makers and tech companies are headquartered. The research was supported by Energy Foundation China.

The report takes Shenzhen’s full electrification of buses as an example, and calculates its significant benefits for environmental amenity, industrial upgrade, and market expansion. Based on an quantitative model analysis, the report also predicts these benefits once the city’s taxis, car-hailing services, sanitation vehicles, and small passenger cars are fully electrified. The report’s socio-economic analysis indicates that Shenzhen should adopt a full electrification policy for new vehicle sales as soon as possible.